|
r
<br />l3tutFMM COVtr.M AM3 Rorr+owet grid Lattdercovenant and agree as fWI4%*s:
<br />1. I ft of Maew aril Itil&taaq atil rata CWrrges. Bart wer. shall promptly pay when due
<br />theptitecipalofaad interest on the debt Pi idear -P by the Note and any prepayment and latechai$es due under the Note.
<br />_. burps fat Taxes avil Itrwnaea. Subject to applicable taw or to a writ!rn warier b ]Lender,
<br />..., y . Borrdwer.shall pay
<br />to Lee* on lice day monthly payments are due under the Note. until the Neste is paid in ftr1I;; a sum ("Funds ") equal to -
<br />0wre-ttt+elf1h of (a) yearly taxes and asaessmtents which may attain priority aver this Securit y ;Instrutntrtt; (b) yearly
<br />I+214401411 payments or around rents on the Property, if any; (c) yearly bazsrd insurutce 'premiums; and (d) yearly
<br />- - --
<br />- 1MYt1rNr- a�rt"°:n ;r.1;� W+' r�ieu' il" c5icfvwii: C[ ts"' sCtrdCrTef .7}�kltfttRCCdti�0it�lte - - - --
<br />bmis of current data and reawnabte estimates of future escrow items.
<br />The Funds: shall be hekt is an institution the deposits or accounts of whiomh are insltred er.•guaranteed by a fedetal or
<br />state agaicy (including Lender if I:emder is such an ingitutiott). Lehr shall. apply .the Funds to pay the escrow items. c
<br />1Lender may not charge for holding and applying ON* Funds, analyzing the account Cr veriPjin t the escrow_ items. unless
<br />Leader prays Borrower interest on the FWs and applicable law permits Lender t1.make such a charge. Borrower. and
<br />Leader nny agroe in writing that interest shall be paid on the Funds. Unless an :,agr ect ;at is trade or applicable, law
<br />requires interest to be paid, Lender shall not be required to pay Borrower any inty:rest.or.earnings on the Funds_ Lender.
<br />s Wl give to Borrower, without charge, an annual accounting ofthe Funds showing credivi and debits to the Funds and the
<br />prarpoie for which each debit to the Funds was made. The !Funds are pledged as additimnatl:swunty for the sums secured by
<br />this Security Instrument.
<br />If the amount of the Funds held by Lender, together with the fiut sere monthly payments of Funds payable prior to
<br />the due datesof the escrow items, shall exceed the amount required to pay the eser��av items wheo due, the excess shall be.
<br />at Borrower's option, either promptly repaid to Borrower or credited to Borrower ea: mr 00%ly payments of Funds. if the
<br />amount of the Funds held by lender is not sufficient to pay the escrow items when due, gtrrower shall pay to Lender any
<br />&amount necessary to make up the deficiency in one or more payments as required by tender.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower
<br />any Funds held by Lender. If under paragraph 19 the Property is sold or acquirtd bar Gender, Lender shall apply, no later
<br />than imtnediattly prior to the sale of the Property or its acquisition by - Lender, any - Fandi held by Lender at the time of
<br />application asa credit against thesums secured by this Security Instrument:.
<br />3. AMtitatioa of Payaietets. Unless applicable law provides ethcrwise, all payments received by Lender under
<br />paragraphs 1 and 2 shall be applied: first, to late charges due under tIt>: Mete: second, to prepayment charges due under the
<br />Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last. to principal due.
<br />4. Charged I.ieas. Borrower shall pay all taxes, assessrn rit.% charges, fines and impositions attributable to the
<br />Property which may attain priority over this Security Instrument,, ando leasehold payments or ground rents, if any. i
<br />Borrower shall pay these obligations in the manner provided in paragr,3nh :2, or if not paid in that manner. Borrower shall -
<br />pay them on time directly to the person owed payment.. Borrower shall, promptly furnish to Lender all notices of amounts -
<br />to be paid under this paragraph. if Borrower makes.these.payment,; directly, Burrower shall promptly furnish to Lender -
<br />receipts evidendng the payments.
<br />Borrove. +shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
<br />agrees in writing to the payment of the cbligataon secured by the.lim.. in a manner acceptable to Lender; (b) contests in good
<br />faith the lien by. or defends Against enforcement cf the lien. in. 14A proceedings which in the Lender's opinion operate to
<br />prevent the enforcement of the lien cr ferfeitar. of any -part. of the Property; or (c) secures from the holder of the lien an
<br />agreement satisfactory to Lender subuedinating the lien to this 5ecunty Instrument. If Lender determines that any part of
<br />the Property is subject to a lien which. nigit•sttain priority over. his' Security lnstrumenit„ "Leader may give Borrower a
<br />notice identifying the lien. Borrower shall satiliPythe lien or take one or more of the actions set forth above within 10 days
<br />of the giving of notice. I
<br />S. Hazard Insrraace. Borrower shall keep t n improvements now mating or hereafter erect-�i on the Property
<br />against loss by fire, hazards included within the term-extended coverage '•and any either hazards for which lender
<br />requires insurpoce. This insurance sW be maintained in the amounts and for the perWs that Lender r=;Ires; The
<br />insurance carne. providing the insuraie shall be chosen by Borrower subject to Lendvei. approval which--',M" tree be
<br />unrgmsonably:' .6held.
<br />All insurance policies, acrd renewals shall be acceptable to Lender and shall include a standar4 rrorlgage clause.
<br />Larder shall 1;4:c the right to hold the policies and renewals. If Lender requires. Borrower �L-all prompr4y give to Lender -'
<br />All receipts o(Vahi premiums and renew -.il notices. In the event of loss. Borrower shall give prompt notice to the insurance
<br />coverer and k sire :r. Lender may make pt :NoCof toss if not made promptly by Borrower.
<br />Unim Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair
<br />! o>€'tl're• Property damaged. if the restoration or repair is economically feasible and Lender's security is nw-.t. lessened. U the
<br />restoration or repair is not economicallyr feasible or Lender's security would be lessened, the insurance proceeds shall be
<br />applied to the sums secured by this Smurity Instrument, whether or not then due, with any excess paid to Bo"omr cr. If
<br />Borrower abarorins the Property. or dies not answer within 30 days a notice from Lendw that the insurance camaier has
<br />offered to settle a claim, then Lender may Collect the insurance proceeds. Lender may use the proceeds to repair or rzstore
<br />the Property or to pay sums secured by this Security. Instrument, whether or not then due. The V -day, period will begin
<br />whxz•the notice is given.
<br />Unless Lender and Borrower otherwise agree in writing, any applicatic.a, c�'proceedi, to principal ti :all not ex1 erd or
<br />postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or.chargy; tiueamount of the payrwu,lr.,s. if
<br />under paragraph 19 the Property is=grtir�- by Lender. Borrower's right to an); msurance olicies and r, roc ceds resulting
<br />from damage to the Property'prior to thtiacquisition shall pass to Lender to theex ent of the sums secunt dtzy this Security
<br />instrument immediately prior to the acgn.'sition.
<br />6. Preservation mW Maiatesaw, of Property; Lessebolds, Borrowee ,Hall Clot c :--Ni roy, damage or substar t.ially
<br />change the Property, allow the Proprltty, •to deteriorate or commit waste. If this Security Instrument is on a
<br />Borrower sha4UAImply with the provisions of the lease. and if Borrower acquires ,fee title to the Property, the leaweh0l and
<br />fee title shall not merge unless Lender agrees to the merger in writing.
<br />7. PWAC6011 of bender's Rights In the Property; Mortgage Insatatoce. If Borrower f lit -i. to perform. the 1 { • :'
<br />covenants and tlgreemen;s'o;ntained in this Security Instrument. or there is a. legal proceed;
<br />clt that may s grlificanrl rkffi <rt :
<br />.em's tights in the Propemy (syclt; its a proceeding in bankruptcy, probate, for condemntiation or to enforce 1414,3 or
<br />• c,; regulations), then Lender may do and.p it for whatever is necessary to protect the value of the Properly and Lenders rights
<br />in the Property. Lender's actions maylir,rlude paying any sums secured by a lien which has priority over this Security..
<br />Instrument, appgring in court. pa
<br />yiji - tasonable attorneys' fees and entering on the Property to make repairs. Although
<br />Lender may take action under this pat"& raph 7. Lender does not have to do so.
<br />Any arr. iwnts disbursed by Lenten under this paragraph 7 shall become additional debt of Borrower wecured by this
<br />Security instrut'now. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest front
<br />the date of disbursement at the Note rate and shall be payable, with interest, "Pon notice from 1_rnder to- lloirvw•er '
<br />requestins payment.
<br />l._
<br />
|